Investment call in the ‘Greek community’ of Silicon Valley

The Undersecretaries of State for Economic Diplomacy and Extroversion, Costas Frangogiannis, and Christos Dimas, Minister of Development and Investment for Research and Technology, are in the United States from today until next Saturday.

The two government officials will first visit Boston, where many Greek startup companies have opened offices and on Wednesday, December 15 will go to San Francisco and the heart of technology and startup companies, Silicon Valley. There, among other things, they are going to talk with Greeks or Americans of Greek origin who are active in the field of startups for the creation of a Greek hub.

Silicon Valley, as the archetypal start-up ecosystem of start-ups, has provided fertile ground for decades to develop innovative business ideas and consequently attracts scientists and young entrepreneurs from all over the world.

From this highly competitive environment, the Greek element is not missing, with many Greek and Greek-American founders of start-ups operating in the region. In recent years, the number of startups with Greek founders who have developed operations generally in the US, mainly in cities such as New York, Boston, Los Angeles and Austin (Texas).

Especially in the Western United States and more specifically in San Francisco, the examples of success of some of these companies in recent years have secured significant amounts of funding from Venture Capital funds in the region and were eventually acquired by larger companies in the industry. In many cases, the founders of these companies after the acquisition proceed to the establishment of new companies (serial entrepreneurs), are engaged in investments (either as angel investors or by establishing investment funds) and / or are active as consultants in start-up technology companies.

It is worth noting that in 2011 the Silicon Valley Greek Seed Fund was created by a group of successful entrepreneurs from the Greek community here in order to invest in Greek startups in Silicon Valley. This investment scheme did not last long and made only a substantial investment (in the company Bug Sense).

It is also important to note that some of the founders, although of Greek origin, do not hold Greek citizenship, do not know the Greek language and are not aware of the remarkable steps forward of the Greek innovation ecosystem in recent years.

In these cases, the staffs of the two deputy ministers estimate that the special approach of these founders and the promotion of Greece to them as an investment destination for the expansion of the activities of their companies during their development, can have results.

“Greek origins and the need that is often observed to maintain the bond with the homeland of the ancestors on the part of Greek Americans, combined with the constantly improving investment climate in Greece in recent years, create the conditions for successful attraction in our country. according to the information note of the Consular and Economic Affairs Office of the Consulate General in San Francisco.

“Often, Greece can be treated by them only as a vacation spot. However, realizing the advantages of operating in Greece (high quality human resources for the staffing of their company and business-friendly conditions), their expansion in our country “It is emerging as a business-friendly choice. A choice that combines profitable professional movement with the strengthening and deepening of family and personal ties with their place of origin.”

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